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FTSE 100 subdued as energy, healthcare stocks limit broader gains

By Reuters News

Nov 2 - Britain's FTSE 100 was muted on Monday as gains across broader sectors were countered by declines in heavyweight energy and healthcare stocks, as investors awaited the Bank of England's interest rate decision this week.

The blue-chip FTSE 100 index .FTSE was flat at 10,731.34 points by 1130 GMT, while the midcap FTSE 250 .FTMC climbed 0.7%.

  • Oil prices dropped over 4% with Brent crude trading around $108 a barrel, as talks between Iran and Qatar raised hopes of an end to the US-Iran war O/R

  • The energy sector .FTNMX601010 fell 1.2%, with Ithaca Energy ITH.L and BP BP.L down 2.2% and 1.5%, respectively, among the bottom performers on the FTSE 100

  • Pharma stocks .FTNMX201030 declined 0.6% after gaining over 5% on Friday, their biggest single-day gain in about 13 months

  • The retreat in oil lifted broader risk appetite with aerospace and defence .FTNMX502010 up 0.8% and the consumer-facing personal care, drug and grocery .FTNMX452010 and beverages .FTNMX451010 sectors rising 0.7% and 0.8%, respectively

  • The Bank of England's interest rate decision will be in focus this week, with the central bank expected to raise rates by 25 basis points

  • Higher-than-expected inflation in September sealed the case for tighter monetary policy. It was underscored by data on Monday showing British manufacturers recorded their strongest output growth in more than two years in October

  • The FTSE 100 marked its first monthly gain in three months in October, outperforming the US benchmark S&P 500 that lost close to 1% due to a selloff in AI stocks

  • Finance minister John Healey's first budget presented less-severe-than-expected tax hikes on banks and gambling firms as well as funding for Britain's defence plan, sparking a rally in those stocks last week

  • Public transport operator FirstGroup FGP.L rose 4.8% after agreeing to sell certain assets to the West Yorkshire Combined Authority for £109 million ($145.95 million), helping support the midcap index

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